Canoe Financial LP Lowers Stock Position in Carrier Global Corporation $CARR

Key Points

• Canoe Financial LP has reduced its stake in Carrier Global Corporation by 3.8%, selling 7,100 shares to hold a total of 178,203 shares worth approximately $13 million.
• Multiple hedge funds are showing interest in Carrier Global, with several acquiring new positions in the company valued between $28,000 and $35,000.
• Wall Street analysts have set a consensus price target of $80.29 for Carrier Global, with 11 analysts rating it as a Buy and several reducing their price targets to $75.00.

Canoe Financial LP lowered its position in Carrier Global Corporation (NYSE:CARR - Free Report) by 3.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,203 shares of the company's stock after selling 7,100 shares during the period. Canoe Financial LP's holdings in Carrier Global were worth $13,043,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CARR. JPMorgan Chase & Co. increased its holdings in shares of Carrier Global by 17.6% during the 1st quarter. JPMorgan Chase & Co. now owns 31,126,869 shares of the company's stock worth $1,973,444,000 after buying an additional 4,668,929 shares during the last quarter. Nuveen LLC bought a new position in shares of Carrier Global during the first quarter worth about $649,512,000. Brown Advisory Inc. lifted its position in shares of Carrier Global by 82.6% during the first quarter. Brown Advisory Inc. now owns 9,673,979 shares of the company's stock worth $613,330,000 after purchasing an additional 4,377,402 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Carrier Global by 0.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,968,294 shares of the company's stock worth $441,790,000 after acquiring an additional 38,233 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Carrier Global by 2.1% in the first quarter. Invesco Ltd. now owns 5,165,203 shares of the company's stock worth $327,474,000 after acquiring an additional 108,055 shares during the last quarter. Hedge funds and other institutional investors own 91.00% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Citigroup lowered their price objective on shares of Carrier Global from $89.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, September 12th. Jefferies Financial Group reissued a "buy" rating on shares of Carrier Global in a research report on Thursday, September 11th. The Goldman Sachs Group dropped their price objective on shares of Carrier Global from $88.00 to $76.00 and set a "buy" rating on the stock in a report on Friday, September 12th. Melius Research raised shares of Carrier Global to a "hold" rating and set a $90.00 target price on the stock in a research note on Tuesday, July 1st. Finally, Morgan Stanley decreased their price objective on shares of Carrier Global from $78.00 to $75.00 and set an "equal weight" rating on the stock in a research note on Friday, August 8th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $79.72.

Carrier Global Price Performance

Shares of Carrier Global stock traded down $0.51 during midday trading on Tuesday, hitting $59.80. 1,515,883 shares of the company traded hands, compared to its average volume of 5,379,028. The stock has a market cap of $50.89 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 1.86 and a beta of 1.25. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.80 and a current ratio of 1.17. The firm's fifty day moving average price is $67.55 and its 200-day moving average price is $67.95. Carrier Global Corporation has a 12 month low of $54.22 and a 12 month high of $83.32.

Carrier Global (NYSE:CARR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.02. Carrier Global had a net margin of 18.33% and a return on equity of 17.83%. The company had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.08 billion. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. As a group, sell-side analysts forecast that Carrier Global Corporation will post 2.99 earnings per share for the current year.

About Carrier Global

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.